链捕手ChainCatcher

ChainCatcher message: CryptoQuant analyst Darkfost said that since 2025, the amount of funds flowing into exchanges via stablecoins has continued to decline, reaching the lowest level since that period. Currently, the monthly average inflow of stablecoins (USDT, USDC) is about $2.3 billion, and the annual average inflow is about $3.7 billion. When the price of Bitcoin reached its all-time high, the monthly average inflow was $5.6 billion and the annual average inflow was $4.3 billion. This dynamic clearly shows weak current demand and insufficient investor interest. However, it should be noted that when stablecoin inflows reach a peak, it is often a lagging signal. As some investors accelerate profit-taking, exchanges are increasing their stablecoin supply, while the latest investors continue to bet that the Bitcoin price will keep rising. At present, market demand still needs to improve.

ChainCatcher message, according to a report by The Paper, the Intermediate People’s Court of Xilin Gol League in the Inner Mongolia Autonomous Region made a second-instance judgment upholding the original verdict in a case involving Ma (“Ma”) for the crime of illegal business operations. This is one case among a series in which the Sifang Payment platform provided funding payment and settlement services for a gambling platform. In this case, some defendants were accused of collecting commissions or rebates in the form of virtual currencies such as USDT.
Investigation found that between May 24, 2022 and October 18, 2023, five people including Ma used accounts of a third-party payment provider to collect and disburse illegal funds on behalf of others, and used settlement methods such as receiving USDT virtual currency and bank card receipts through virtual wallets. They processed transactions through 105 merchants under 10 third-party payment companies, with a total settlement amount exceeding RMB 2.95 billion.

ChainCatcher message: According to SoSoValue data, on the previous day (July 24, U.S. Eastern Time), Ethereum spot ETFs saw total net outflows of $70.6179 million.
The Ethereum spot ETF with the highest single-day net inflow yesterday was Grayscale’s Ethereum Mini Trust ETF (ETH), with a net inflow of $9.9362 million. As of now, ETH’s total historical net inflow has reached $1.810 billion.
The Ethereum spot ETF with the highest single-day net outflow yesterday was BlackRock’s ETF ETHA, with a net outflow of $52.7593 million. As of now, ETHA’s total historical net inflow has reached $11.410 billion.

ChainCatcher news. According to SoSoValue data, yesterday (July 24, U.S. Eastern Time) Bitcoin spot ETFs had a total net outflow of $240 million.
Yesterday, the Bitcoin spot ETF with the largest single-day net outflow was BlackRock’s ETF IBIT, with a single-day net outflow of $212 million. As of now, IBIT’s historical total net inflows have reached $60.394 billion.
Next was Fidelity’s ETF FBTC, with a single-day net outflow of $27.9116 million. Currently, FBTC’s historical total net inflows are $10.005 billion.
As of the time of this release, the net asset value of Bitcoin spot ETFs’ total assets was $77.823 billion. The ETF net asset ratio (market value as a share of Bitcoin’s total market capitalization) reached 6.05%. Historical cumulative net inflows have totaled $51.386 billion.

ChainCatcher report: After-event report released by Across Protocol on the Relayer security incident. The attacker exploited a software vulnerability in a Risk Labs off-chain Solana incident, forging 1,627 false top-up events with a total notional value of about $41.7 million. The report says that before pausing Solana services, the Relayer completed advances for 581 of the transactions, involving about $4.5 million in its own funds; the remaining approximately $37 million of fraudulent top-ups have all been rendered invalid.
This incident did not involve any smart contract vulnerabilities. All user transfers were completed on the same day or fully refunded. Across Protocol states that the losses were limited to Risk Labs’ own relayer capital; after deducting the attacker’s funds of approximately $500,000, the net loss was less than $4 million. Currently, Solana order flow has been changed to route entirely through CCTP, and the ACX token acquisition plan is unaffected.